ICG Real Estate has granted property developer Related Argent a £243m ($293m) loan to develop a landmark build-to-rent (BTR) project in Tottenham Hale, London, UK.
The construction loan is part of ICG’s real estate debt strategy.
The BTR scheme will comprise 484 new rental housing units.
These housing units are the final phase of the Related Argent-owned 3.5-acre Heart of Hale regeneration project.
This phase will include 1 Ferry Island, a 12-storey residential tower featuring 108 units, and 2 Ferry Island, comprising 376 homes spanning two towers with a total of 38 storeys.
UK-based architect Allford Hall Monaghan Morris designed both towers, which are being constructed by Midgard.
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Related Argent managing director Tom Goodall said: “The capitalisation and start of major construction at 1 and 2 Ferry Island are important milestones to complete the Heart of Hale development, creating a new community and a destination for Tottenham Hale.”
The project is expected to be completed in the fourth quarter of 2026.
Buildings 1 and 2 Ferry Island will include the Island Club, featuring co-working areas, studios, and sky gardens, among other amenities.
Being delivered in collaboration with Haringey Council, the scheme will also include a new pedestrianised civic area at the centre of the Tottenham Hale master plan.
ICG managing director Jai Patel said: “This project forms part of a wider regeneration project in this part of North London and underlines our commitment to funding high-quality accommodation within visionary mixed-use developments.”
The entirety of the Heart of Hale project is valued at more than £600m and includes 1,032 new houses, as well as market sale, on-site affordable and BTR housing spread over seven towers.